PLANADVISER Weekend Newsdash
Week ending May 9th, 2016
NOTE FROM THE EDITOR
For most retirement plan advisers, building up a book of business is about much more than adding AUA. It’s also about getting involved in work that matters—building new relationships that will, over time, strengthen the retirement outcomes of real people. But retirement plan advisories are still businesses, with balance sheets and staffing needs like any other. This week our roundup offers practical tips, strategies and best practices for building a skilled and dedicated advisory team.
Editor's choice
Scouting for Recruits
Steve Cunha, founder of the retirement plan services department at Baystate Financial Services, has a particular sweet spot in mind when hiring new advisers: “I look for someone who’s been around long enough to know he wants to be in this business, to understand the overall picture, but not so long he’s accumulated bad habits.” Read more >
Fidelity Warns Advisers to Get Smart on Firm Value
A new cut of the Fidelity RIA Benchmarking Study shows many in firm leadership positions struggle to understand and articulate practice value, leading to confusion and miscommunication during one-off events, such as an ownership transition, but also during the normal course of business.  Read more >
Recruiting Techniques That Work
We asked, you answered. How are you recruiting new advisers? Advisers took our survey and shared favorite questions, techniques and a few methods some peers may not have thought of. Read more >
Confidence Key to Advancing Female Advisers' Careers
At a February conference by Edward Jones for female advisers, nearly 80% of the attendees said confidence is among the biggest factors impacting leadership, success and fulfillment in a career. Half of those surveyed also say confidence is the single most important tool in career advancement. Read more >
Being a Millennial Financial Adviser
Those Millennials who are already working in the advisory industry are concentrated in firms that recognize that they need to add younger talent and are putting in effective processes to make that happen. Read more >
MOST POPULAR STORIES
Stimulus Bill Extends Some Provisions of the CARES Act

It also provides a way for retirement plan sponsors to avoid a partial plan termination.

Coronavirus Hardship Withdrawals, Taxes and Your Retirement Plan Clients
Coronavirus-related withdrawals made in 2020 were a financial lifeline for some, but they could also turn into a major tax headache for others.
Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
Many Near-Retirees Don't Understand Social Security Benefits

More than one-third failed a basic Social Security quiz administered by MassMutual.

The Most Common Retirement Plan Testing Mistakes

By alerting plan sponsors to the issues they see most often, advisers can help their clients navigate IRS testing rules.

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